Norway Royal Salmon rejects NTS bid: “Offer price does not reflect the underlying values”

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The board will “evaluate other strategic opportunities”.

“The board recommends the shareholders in NRS not to accept the offer,” the salmon farmer wrote in a stock exchange announcement late Wednesday night.

NRS has engaged Arctic Securities as financial advisor and Advokatfirmaet Wiersholm as legal advisor in connection with the offer. Together with its advisors the board will explore alternatives for the company and its shareholders.

Higher bid?
Please also note that any acceptance of the offer from NTS is irrevocable. This means that a shareholder who accepts the offer is not allowed to withdraw the acceptance even if better offer should be made. Any shareholders considering to accept the offer are thus recommended to wait to decide whether to accept the offer until the last day in the offer period to maintain the possibility to accept any potential superior offer.

The board will publish a formal statement on the offer according to the Norwegian Securities Trading Act section 6-16, at the latest one week before expiration of the offer period.

Strengthens its position
Earlier in the evening, it was announced that NTS on Wednesday purchased new 20,420 NRS shares at an average price of NOK 209.

After completing the transactions, in which NTS controls directly and indirectly through Midt-Norsk Havbruk 14,041,577 shares in NRS, this corresponds to 32.23 per-cent of the number of shares and votes in NRS.

Together with the 1,624,607 shares that NTS will acquire from Gåsø Næringsutvikling, NTS will have a total ownership interest of 15,666,184 NRS shares in NRS, corresponding to 35.95 per-cent ownership.